The move is aimed at easing concerns of local and foreign investors regarding the completion of the TRX City – an integrated financial district.
On Thursday, in a strategic move aimed at allaying concerns of foreign and domestic investors vis-a-vis its TRX City project, the country’s finance Minister Lim Guan Eng said, it will channel $697.9 million (2.8 billion ringgit) towards the completion of the project.
The TRX City is an integrated financial distric, on whose account more than 3 billion ringgit was taken as a loan from 1Malaysia Development Berhad (1MDB).
With regard to the development, Lim said the decision will “help allay concerns” of local and foreign investors on the fate of the project.
“This is one example of how 1MDB used this to pay off its debts that are not related to the project,” said Lim at a press conference broadcast live on local television.